EMGS Narrows Losses

Norwegian geophysical services company EMGS posted loss for the second-quarter 2017 of $3.6 million, improving from $11.2 million loss in the same period last year.

The Oslo-listed company generated revenues of $10.6 million in the second quarter 2017, down from $15.1 million in the corresponding period in 2016, but up from $3.9 million sequentially.

The company reported vessel utilisation of 85 per cent for the quarter. The vessel BOA Thalassa has been laid up since January, and Atlantic Guardian carried out multi-client projects in Norway.

Revenues for the first half of 2017 amounted to $14.6 million, compared with $28.1 million for the first half of 2016.

Loss for the first half of 2017 $14.1 million, improvement from a loss of $26.7 million in the same period last year.

EMGS secured backlog of $5.5 million at the end of the Q2 2017, compared with a backlog of $5.0 million same time last year.

“The company expects that the 24th licensing round will trigger some additional sales in Q2 and Q3 2017. Otherwise, marketing efforts are ongoing to secure backlog in Asia and the Americas,” EMGS said in Q1 earnings report.